Fixed Income

MKMTX

Strategic Municipal Opportunities Fund

Overview

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Performance

Performance

  2015 2016 2017 2018 2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. - - - 1.33 6.73
Morningstar Category Avg. (%) Muni National Interm 2.50 -0.20 4.61 0.78 6.91
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Effective as of May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares. The performance of this share class would be substantially similar to Institutional Shares because this share class and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Institutional Shares have different expenses. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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Key Facts

Key Facts

Size of Class (Millions) as of Jul 13, 2020 $157.3 M
Size of Fund (Millions) as of Jul 13, 2020 $8,969.4 M
Share Class launch date Jan 25, 2018
Asset Class Fixed Income
Morningstar Category Muni National Interm
Lipper Classification Gen & Ins Muni Debt Fds
Benchmark Index 65% SP MUN INVGRD/30% SP MUNHY/5% BAR TX MUN AG
CUSIP 09253E807
Number of Holdings as of Jun 30, 2020 1,266
Max Offer Price as of Jul 13, 2020 $11.14
Open to New Investors No
Turnover Percent in the Annual Report 68%

Portfolio Characteristics

Portfolio Characteristics

Average Coupon as of Jun 30, 2020 4.06%
Weighted Average Life as of Jun 30, 2020 17.04 yrs
Fund Standard Deviation (3y) as of Jun 30, 2020 0.00

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Ratings

Holdings

Holdings

as of Jun 30, 2020
Name Weight (%)
BLACKROCK LIQ MUNICASH CL INS MMF 1.38
DETROIT MICH SEW SNR 1.56 07/01/2032 1.29
PUERTO RICO SALES TAX FING CO (RST 4.75 07/01/2053 1.04
ARIZONA INDL DEV AUTH REV 3.625 05/20/2033 1.02
NEW YORK N Y CITY HSG DEV CORP 2.8 02/01/2050 1.01
Name Weight (%)
SACRAMENTO CNTY CALIF SANTN DI 0.765 12/01/2035 0.97
PUERTO RICO SALES TAX FING COR 4.329 07/01/2040 0.83
BUCKEYE OHIO TOB SETTLEMENT FI 5 06/01/2055 0.78
DALLAS FORT WORTH TEX INTL ARP 1.35 11/01/2020 0.67
NEW JERSEY ECONOMIC DEV AUTH W 2.2 10/01/2039 0.65

Exposure Breakdowns

Exposure Breakdowns

as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
as of Jun 30, 2020

% of Market Value

Type Fund Benchmark Net
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Notional value represents a fund’s use of derivatives, including but not limited to futures, options, and swaps. This value captures the fund exposures as if the derivative was replaced with the underlying asset and the corresponding financing or lending, such that all exposures sum to the net asset value. For non-derivatives, the market value and the notional value are identical.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Peter Hayes
Head of Municipal Bonds

 

 

Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

James Pruskowski
Head Portfolio Manager, Municipal Institutional Portfolio

     

Michael Kalinoski, CFA
Portfolio Manager, Municipal Mutual Fund

   

Portfolio Manager

Literature

Literature